1. Describe the main difference between Financial Accounting and Managerial Accounting. 2. List 3 different users (stakeholders) of financial statement information. 3. True or False - Accounting is not important to not-for-profit organizations. 4. What does GAAP stand for? What is it? 5. The ___________ ___________ ____________ Board establishes the rules for financial accounting. 6. There are 4 main financial statements. Name and describe 1 briefly. 7. What is the accounting equation? 8. The _______________ ________________ concept states that assets must be recorded in the financial statements at their original cost. 9. True or false – the collection of all accounts and their ending balances is the trial balance. This shows whether the company’s total debits equals its total credits. 10. Assets on the Balance Sheet are listed in the order of ____________________. 11. True or false - every transaction has two sides and both sides must be in balance at all times. 12. Cash flows are broken into 3 sections for the Statement of Cash flows. Which one is not correct: a. financing activities b. operating activities c. investing activities d. ongoing activities 13. The main source of cash for a business stems from: a. entity activities b. financing activities c. operating activities d. investing activities 14. True or false – Closing the books is the process of closing and transferring the temporary accounts to Retained Earnings to reset them to $0 for the next period. 15. True or false – The permanent accounts are also closed at the end of the period. 16. Which of the following accounts does not normally have a credit balance (think of the accounting equation)? a. Liabilities b. Equity c. Assets d. Revenues 17. Draw a T-account and label the sides as debit side and credit side: 18. Identify the financial statement/statements on which each of the following titles or accounts would appear. If it appears on more than one statement, list all statements (income statement, statement of changes in equity, balance sheet, statement of cash flows): Title or Account Financial Statement(s) a. Retained Earnings b. Revenue c. Common Stock d. Financing Activities e. Salaries Expense f. Land g. Ending Cash Balance h. Notes Payable 19. Classify items for the statement of cash flows. Indicate how each of the following activities would be classified on the statement of cash flows as operating activities (OA), investing activities (IA) or financing activities (FA): Event Classification a. Borrowed cash from the bank. b. Paid cash for salary expense. c. Performed services for cash. d. Paid cash to purchase land. e. Paid cash for utilities expense. f. Sold land for cash. g. Paid cash on principal of loan. h. Received cash from the issuance of stock. 20. Classify the following as an Asset (A), Liability (L), or Owner’s Equity (E) item: a. ______ accounts receivable b. ______ accounts payable c. ______ equipment ...